What to watch:If the spread persists 2-3 sessions, a pair-trade (long PSU Banks, hedged against Auto) becomes attractive. Single-sector bets are riskier on rotation days because index-level direction is muted.

FII selling absorbed by DII buying

FIIs sold ₹1,121 Cr while DIIs bought ₹1,312 Cr. Domestic demand is cushioning the foreign supply — this is what keeps the index range-bound rather than breaking down.

What to watch:Any sustainable rally needs FIIs to flip net-buyer. Until that happens expect chop. Mid/smallcaps are the early-warning system — they crack first if DII demand weakens, even if the index looks calm.

Why is it pricing this way?

Overnight Setup global & macro backdrop

Overnight Global Cues

Risk-on overnight

S&P -0.19% · Nikkei +2.63%

Macro Backdrop

Crude / USDINR

Crude $82.2 (-1.3%) · USDINR 96.32 (+0.04%)

Where is money moving today?

Sector Money Flow based on sector-index momentum

↑Money flowing IN

PSU Banks

+2.41%

Media

+1.44%

Energy

+1.01%

Metal

+0.85%

Infra

+0.63%

FMCG

+0.61%

↓Money flowing OUT

Auto

-0.61%

-0.46%

Pharma

-0.26%

Realty

-0.16%

Banks

-0.06%

Gold

4,054.4

+1.10%

Silver

58.2

+2.43%

Copper

6.4

+1.88%

Crude

82.2

-1.29%

USDINR

96.32

+0.04%

10Y UST

4.60%

+1.26%

What are derivative traders doing?

NIFTY Option Chain nearest expiry 2026-07-21 · spot 24,238 · EOD 2026-07-20

Writers expect Nifty between 24,200 and 24,500 this week — +1.1% upside, -0.2% downside.

upside-skewed

Call OI (writers)	Strike	Put OI (writers)
13,910 IV 29% Δ 0.95 θ -23.1 ν 1	23650	3,581,565
84,500 IV 28% Δ 0.94 θ -24.4 ν 1	23700	7,136,480
32,955 IV 27% Δ 0.93 θ -26.9 ν 2	23750	3,722,615
262,535 IV 25% Δ 0.92 θ -26.3 ν 2	23800	9,873,695
67,145 IV 22% Δ 0.92 θ -24.9 ν 2	23850	4,465,760
258,375 IV 20% Δ 0.91 θ -24.3 ν 2	23900	8,089,900
152,490 IV 20% Δ 0.88 θ -30.1 ν 3	23950	5,992,610
1,630,915 IV 18% Δ 0.86 θ -28.7 ν 3	24000	12,909,715 IV 17% Δ -0.12 θ -21.2 ν 3
464,815 IV 17% Δ 0.81 θ -32.4 ν 3	24050	5,033,080 IV 16% Δ -0.17 θ -24.8 ν 3
2,359,305 IV 16% Δ 0.76 θ -35.2 ν 4	24100	11,162,840 IV 15% Δ -0.23 θ -28.5 ν 4
1,994,460 IV 15% Δ 0.68 θ -37.6 ν 5	24150	10,230,870 IV 15% Δ -0.31 θ -31.6 ν 4
6,585,930 IV 15% Δ 0.59 θ -39.5 ν 5	24200 S MP	13,411,060 IV 14% Δ -0.41 θ -33.5 ν 5
6,220,045 IV 15% Δ 0.49 θ -39.2 ν 5	24250	5,791,695 IV 14% Δ -0.51 θ -33.2 ν 5
8,792,160 IV 14% Δ 0.38 θ -36.2 ν 5	24300	4,130,490 IV 14% Δ -0.63 θ -30.2 ν 5
4,782,765 IV 14% Δ 0.28 θ -31.3 ν 4	24350	1,009,840 IV 14% Δ -0.73 θ -25.3 ν 4
7,232,485 IV 14% Δ 0.19 θ -25.2 ν 3	24400	1,016,535 IV 13% Δ -0.82 θ -18.1 ν 3
4,622,475 IV 14% Δ 0.13 θ -19.1 ν 3	24450	207,740 IV 13% Δ -0.90 θ -10.9 ν 2
11,538,670	24500 R	705,185 IV 12% Δ -0.95 θ -3.0 ν 1
4,827,875	24550	59,345 IV 13% Δ -0.97 θ -1.8 ν 1
6,738,420	24600	143,130
3,714,620	24650	25,675
7,095,790	24700	62,010
2,647,970	24750	11,570
5,005,130	24800	53,820
2,450,045	24850	10,920

What this tells you

Spot 24,238

Resistance (R) 24,500

Support (S) 24,200

Max Pain (MP) 24,200

Highest call-OI strike = where writers expect resistance. Highest put-OI strike = where writers expect support. Max-pain magnet pulls strongest in expiry week.

Strategy Builder multi-leg payoff for NIFTY options · 2026-07-21 expiry

Underlying: NIFTY · Spot: ₹ 24,238.50 · Expiry: 2026-07-21 · Lot: 75

Legs

Side

Type

Strike

Qty

Premium

Net premium—

Max profit—

Max loss—

Breakevens—

Position Delta—

Position Theta/day—

Position Vega/1% IV—

Payoff at expiry

F&O OI Buildup stock futures · total OI across all expiries · 2026-07-20

Long Buildup price up + OI up — fresh longs added

RADICO

+1.06%

OI +12.2%

TORNTPHARM

+3.84%

OI +9.9%

GVT&D

+1.72%

OI +6.3%

NHPC

+3.10%

OI +5.1%

COALINDIA

+0.58%

OI +4.6%

IREDA

+0.78%

OI +4.5%

BPCL

+1.05%

OI +4.5%

NTPC

+1.96%

OI +3.8%

Short Covering price up + OI down — shorts closing

BAJAJ-AUTO

+0.44%

OI -5.6%

INDIANB

+3.11%

OI -5.5%

COLPAL

+3.47%

OI -5.3%

JSWENERGY

+4.83%

OI -5.2%

PNB

+5.70%

OI -4.8%

ULTRACEMCO

+1.46%

OI -4.1%

UNIONBANK

+4.76%

OI -3.8%

PGEL

+0.66%

OI -3.5%

Short Buildup price down + OI up — fresh shorts added

AXISBANK

-5.47%

OI +7.2%

CDSL

-2.43%

OI +6.3%

HYUNDAI

-0.95%

OI +5.7%

JIOFIN

-1.67%

OI +4.5%

OFSS

-1.42%

OI +3.6%

OBEROIRLTY

-0.57%

OI +3.2%

ANGELONE

-0.96%

OI +3.1%

INDHOTEL

-0.37%

OI +2.8%

Long Unwinding price down + OI down — longs closing

INDIGO

-0.42%

OI -4.0%

BANDHANBNK

-0.89%

OI -2.4%

NUVAMA

-0.45%

OI -2.4%

M&M

-0.39%

OI -2.3%

TCS

-0.47%

OI -2.1%

KALYANKJIL

-0.28%

OI -2.0%

BHEL

-1.10%

OI -1.8%

PRESTIGE

-1.02%

OI -1.8%

Futures Basis Screener premium/discount of nearest-expiry futures to spot

↑ Premium · futures trading above spot

Symbol	Spot	Future	Basis %
KAYNES	3,328.80	3,351.80	+0.69%
MANAPPURAM	337.10	338.95	+0.55%
NESTLEIND	1,446.30	1,453.50	+0.50%
POWERINDIA	32,445.00	32,605.00	+0.49%
GVT&D	4,444.90	4,466.50	+0.49%
SONACOMS	714.50	717.95	+0.48%
KPITTECH	561.25	563.95	+0.48%
MANKIND	2,565.80	2,578.00	+0.47%

↓ Discount · futures trading below spot

Symbol	Spot	Future	Basis %
TORNTPHARM	5,005.40	4,937.50	-1.36%
HEROMOTOCO	4,977.70	4,917.80	-1.20%
DLF	668.60	661.05	-1.13%
BHARTIARTL	1,940.10	1,920.50	-1.01%
WIPRO	176.38	174.63	-0.99%
IREDA	121.82	120.70	-0.92%
LODHA	1,188.80	1,178.55	-0.86%
OBEROIRLTY	1,882.70	1,867.30	-0.82%

Top Traded F&O Contracts where derivative volume is concentrated today

Contract	Type	Close	Traded Value	OI	OI Δ
NIFTY2672124200CE	IDO	99.25	16.94 L Cr	6,585,930	+1,521,130
NIFTY2672124200PE	IDO	53.10	16.43 L Cr	13,411,060	+950,625
NIFTY2672124250CE	IDO	70.85	12.37 L Cr	6,220,045	+3,371,095
NIFTY2672124300CE	IDO	47.70	12.05 L Cr	8,792,160	+2,677,805
NIFTY2672124150PE	IDO	37.05	10.23 L Cr	10,230,870	+2,029,105
NIFTY2672124100PE	IDO	26.00	9.36 L Cr	11,162,840	+921,570
NIFTY2672124000PE	IDO	13.10	8.18 L Cr	12,909,715	+326,495
NIFTY2672124500CE	IDO	6.65	8.09 L Cr	11,538,670	+4,918,615
NIFTY2672124400CE	IDO	18.85	7.62 L Cr	7,232,485	+1,702,090
NIFTY2672124250PE	IDO	74.60	7.61 L Cr	5,791,695	+58,045
NIFTY2672124150CE	IDO	132.70	6.57 L Cr	1,994,460	-35,620
NIFTY2672124350CE	IDO	30.60	6.57 L Cr	4,782,765	+1,422,395

Who's actually moving the money?

Smart Counterparty Activity 20-Jul-2026

5 FII buys · 12 MF buys · 3 Insurance buys · 152 deals totaling ₹6,245 Cr. Showing top 20 by value.

Stock	Type	Side	Qty	Value (₹ Cr)	Counterparty
BIOCON Biocon Limited	Block	SELL	45,983,509	1,839.34	MYLAN INC.
BIOCON Biocon Limited	Block	BUY	18,437,500	737.50	ICICI PRUDENTIAL MUTUAL FUND MF
BIOCON Biocon Limited	Block	BUY	5,829,005	233.16	HDFC MUTUAL FUND MF
BIOCON Biocon Limited	Block	BUY	5,829,004	233.16	KOTAK MAHINDRA MUTUAL FUND MF
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	SELL	4,636,764	96.70	QE SECURITIES LLP
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	BUY	4,567,789	95.21	QE SECURITIES LLP
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	SELL	4,383,907	91.45	JUNOMONETA FINSOL PRIVATE LIMITED
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	BUY	4,375,182	91.23	JUNOMONETA FINSOL PRIVATE LIMITED
BIOCON Biocon Limited	Block	BUY	1,875,000	75.00	SBI MUTUAL FUND MF
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	SELL	3,076,937	64.82	NK SECURITIES RESEARCH PRIVATE LIMITED
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	BUY	3,076,937	64.79	NK SECURITIES RESEARCH PRIVATE LIMITED
BEPL Bhansali Eng. Polymers Lt	Bulk	SELL	4,257,956	54.27	MICROCURVES TRADING PRIVATE LIMITED
BEPL Bhansali Eng. Polymers Lt	Bulk	BUY	4,257,956	54.23	MICROCURVES TRADING PRIVATE LIMITED
BEPL Bhansali Eng. Polymers Lt	Bulk	SELL	4,244,636	54.16	NK SECURITIES RESEARCH PRIVATE LIMITED
BEPL Bhansali Eng. Polymers Lt	Bulk	BUY	4,244,636	54.14	NK SECURITIES RESEARCH PRIVATE LIMITED
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	SELL	2,562,487	53.82	MICROCURVES TRADING PRIVATE LIMITED
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	BUY	2,562,487	53.78	MICROCURVES TRADING PRIVATE LIMITED
BECTORFOOD Mrs Bectors Food Spe Ltd	Bulk	BUY	2,462,220	51.41	HRTI PRIVATE LIMITED
BIOCON Biocon Limited	Block	BUY	1,250,000	50.00	ADITYA BIRLA SUNLIFE MUTUAL FUND MF
BIOCON Biocon Limited	Block	BUY	1,250,000	50.00	ICICI PRUDENTIAL LIFE INSURANCECOMPANY LTD. Insurance

What are institutions positioned for?

Institutional Positioning how FIIs are set up under the surface

FII Futures Posture

Heavy Short

net-long ratio -81.3%

FII Direction Streak

1 sessions

net distributing futures

India VIX

12.86

Calm · -0.9% d/d

Days to Monthly Expiry

Thu, 30 Jul

Nifty PCR (EOD)

1.38

Bearish skew

Nifty Max Pain (EOD)

24,200

in line with spot (24,238)

Any patterns firing?

Event Signals 1 firing today

Retail-vs-FII Divergence Widening

Retail net-long 53% vs FII net-long -81% (spread 134pp, widened +6.4pp today)

What it means:Retail traders (Client category in NSE F&O data) are heavily net-long index futures (>30%) at the same time FII is heavily net-short (<-30%).

What it implies:Classic retail-trap setup. When retail and FII are on opposite extremes, the market historically resolves in FII's favour. Watch closely; do not chase retail conviction.

Experimental detector · insufficient historical fires to validate.

warning

Events Calendar next 3 weeks · earnings + macro releases + monthly expiry

2026-07-21

EARNINGS ADANIENSOL reports earnings EPS est: 6.7

EARNINGS BAJAJ-AUTO reports earnings EPS est: 99.39091

EARNINGS BANDHANBNK reports earnings EPS est: 3.61

2026-07-22

EARNINGS ADANIGREEN reports earnings EPS est: 5.43

EARNINGS ADANIPOWER reports earnings EPS est: 1.86

EARNINGS BPCL reports earnings EPS est: -9.4

EARNINGS DRREDDY reports earnings EPS est: 9.13444

EARNINGS ETERNAL reports earnings EPS est: 0.30111

2026-07-23

EARNINGS APLAPOLLO reports earnings EPS est: 9.76667

EARNINGS CIPLA reports earnings EPS est: 10.423

2026-07-24

EARNINGS BANKBARODA reports earnings EPS est: 5.222

EARNINGS CGPOWER reports earnings EPS est: 2.20429

EARNINGS CONCOR reports earnings EPS est: 4.145

EARNINGS DALBHARAT reports earnings EPS est: 13.29833

EARNINGS DIXON reports earnings EPS est: 37.978

2026-07-25

EARNINGS AUBANK reports earnings EPS est: 10.795

2026-07-27

EARNINGS BEL reports earnings EPS est: 1.45

EARNINGS CANBK reports earnings EPS est: 4.72

EARNINGS COALINDIA reports earnings EPS est: 13.19726

EARNINGS COFORGE reports earnings EPS est: 13.71941

2026-07-28

EARNINGS AMBUJACEM reports earnings EPS est: 1.98667

EARNINGS CHOLAFIN reports earnings EPS est: 18.35

EARNINGS GAIL reports earnings EPS est: 3.46871

2026-07-29

FED US Fed FOMC Decision Fed funds rate decision

EARNINGS ADANIENT reports earnings EPS est: 14.17

EARNINGS ADANIPORTS reports earnings EPS est: 15.47667

EARNINGS ASIANPAINT reports earnings EPS est: 12.69596

EARNINGS COLPAL reports earnings EPS est: 12.66

EARNINGS DABUR reports earnings EPS est: 3.14889

EARNINGS GMRAIRPORT reports earnings EPS est: 0.3

2026-07-30

EARNINGS BAJFINANCE reports earnings EPS est: 13.7

EARNINGS EICHERMOT reports earnings EPS est: 51.58875

EARNINGS EXIDEIND reports earnings EPS est: 4.03

EXPIRY NIFTY / BankNifty Monthly F&O Expiry Theta accelerates; max-pain magnet near close

2026-07-31

EARNINGS ABB reports earnings EPS est: 21.10399

EARNINGS BAJAJFINSV reports earnings EPS estimate unavailable

EARNINGS BAJAJHLDNG reports earnings EPS estimate unavailable

EARNINGS DELHIVERY reports earnings EPS est: 0.66667

2026-08-03

EARNINGS CAMS reports earnings EPS est: 15.3

2026-08-04

EARNINGS ABCAPITAL reports earnings EPS est: 4.69

EARNINGS AUROPHARMA reports earnings EPS est: 17.2625

EARNINGS BHARTIARTL reports earnings EPS est: 13.76515

EARNINGS DLF reports earnings EPS est: 3.5

EARNINGS GODREJPROP reports earnings EPS est: 19.6

2026-08-05

EARNINGS BHARATFORG reports earnings EPS est: 7.95667

EARNINGS BRITANNIA reports earnings EPS est: 25.08333

EARNINGS CUMMINSIND reports earnings EPS est: 21.692

EARNINGS DIVISLAB reports earnings EPS est: 24.67667

EARNINGS HEROMOTOCO reports earnings EPS est: 63.75

2026-08-06

EARNINGS BIOCON reports earnings EPS est: 1.005

EARNINGS BLUESTARCO reports earnings EPS est: 7.73333

EARNINGS CROMPTON reports earnings EPS est: 2.206

EARNINGS FORTIS reports earnings EPS est: 3.75333

EARNINGS GRASIM reports earnings EPS est: 31.97

2026-08-07

EARNINGS GODREJCP reports earnings EPS est: 5.2125

2026-08-08

RBI RBI Monetary Policy Decision Repo rate decision + MPC statement

2026-08-10

EARNINGS BOSCHLTD reports earnings EPS estimate unavailable

2026-08-11

EARNINGS BDL reports earnings EPS est: 3.055

EARNINGS HAL reports earnings EPS est: 23.17

Have we been right before?

Signal Calendar last 14 weeks

Bullish Bearish Warning Quiet

FII Positioning Detail

FII Index Futures net-long ratio -81.3% -3.28 pp

FII calls long Δ -46,219

FII puts long Δ -9,293

FII calls short Δ +34,227

FII puts short Δ -21,967

Recent Signals click a date to revisit that day's dashboard

2026-07-20

Retail-vs-FII Divergence Widening *

2026-07-17

FII Short Covering DII Futures Unwind *

2026-07-14

Retail-vs-FII Divergence Widening *

2026-07-08

FII Fresh Shorting Retail-vs-FII Divergence Widening * DII Futures Build-up *

2026-06-30

Retail-vs-FII Divergence Widening *

2026-06-25

Monthly Expiry Imminent *

2026-06-24

Monthly Expiry Imminent *

2026-06-23

Monthly Expiry Imminent *

2026-06-16

DII Futures Unwind *

2026-06-15

DII Futures Build-up *

2026-06-11

DII Futures Build-up *

2026-06-09

DII Futures Build-up *

2026-06-08

DII Futures Build-up *

Smart-Money Flow Tracker for Indian Markets live FII / DII positioning, F&O OI buildup, bulk deals & option chain · 2026-07-20 · vs 2026-07-17

Stock Heatmap NIFTY 500 universe · sized by traded value · click any cell for details

Futures Heatmap F&O stocks · sized by futures traded value · coloured by OI buildup class

Stocks in Play today's live move + last session's OI buildup · click any card for full detail

Market Pulse where things stand right now

Top Nifty Contributors stocks moving the index most today (weighted)

Smart Money Take interpretation, not just data

Overnight Setup global & macro backdrop

Sector Money Flow based on sector-index momentum

NIFTY Option Chain nearest expiry 2026-07-21 · spot 24,238 · EOD 2026-07-20

What this tells you

Strategy Builder multi-leg payoff for NIFTY options · 2026-07-21 expiry

Legs

Payoff at expiry

F&O OI Buildup stock futures · total OI across all expiries · 2026-07-20

Futures Basis Screener premium/discount of nearest-expiry futures to spot

↑ Premium · futures trading above spot

↓ Discount · futures trading below spot

Top Traded F&O Contracts where derivative volume is concentrated today

Smart Counterparty Activity 20-Jul-2026

Institutional Positioning how FIIs are set up under the surface

Event Signals 1 firing today

Events Calendar next 3 weeks · earnings + macro releases + monthly expiry

Signal Calendar last 14 weeks

FII Positioning Detail

Recent Signals click a date to revisit that day's dashboard

Live data hubs

Guides & explainers

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